Secured Investments, Good Business: How To Prevent Losses In Marijuana Dispensaries

The cannabis industry is projected to hit 30 Billion or more in revenue by 2019. With this, the legitimacy of marijuana dispensaries as income generating businesses can no longer be denied.

And so are the risks that entail getting involved in this kind of business. Theft, burglary, and robbery are among these risks.

Here are several ways to tighten the security of marijuana dispensaries.

People

When it comes to business, your employees are your greatest assets. The talent pool may be overflowing but hiring qualified and trustworthy individuals can be a painful task. Budtenders should not only have product knowledge but should also possess several additional skills as well.

Employees should be trained to look out for people posing as customers but in reality, are just surveying your dispensary. Your frontline staff should be equipped with the ability to identify non-verbal cues that could potentially be red flags. They should be keen to details and vigilant enough to know there’s something going on before it even happens.

The low staff-to-customer ratio could also pose as an issue. As with any retail business, there are peak hours. Your workforce should be structured in a way that you have enough people on the floor when the dispensary is at its busiest. Having enough people looking after the goods ensures that no one can easily pocket a pack or two.

It is also important to have two trusted managers – at least one each shift. An authority figure that can oversee daily operations and make independent decisions is vital especially if you can’t be physically present on-site daily. Inventories must be checked by at least one employee and one manager at the same time. This is to ensure that no products are lost or stolen.

Dispensary thefts usually involve an inside job. Background checks are necessary and should be given thorough attention. After all, you would not want to entrust your livelihood to someone who can potentially do more damage.

An armed guard may also be a good option especially if your business is located in a rough neighborhood. It has always been a good tactic in intimidating possible wrongdoers in the area.

There are agencies offering services of qualified armed personnel as security guards. They usually are retired veterans or someone who has experience in the field so you are assured that they are highly-trained. These guards can also properly vet people coming in and out of the dispensary.

Technology

The best way to secure your dispensary is by having theft-preventive measures in place.

What a better way to secure your dispensary than by having security cameras and alarm systems in place. Cameras should be as many as your business can afford and should be installed in strategic locations. These must be visible to the public eye so as to scare away bad people who might be thinking of intruding your property.

A monitoring system is recommended to ensure that professionals are looking after your business 24/7. There are security companies who can provide security and monitoring services at a minimum cost.

They are also able to send dispatch or call for help in case of break-ins. Read reviews on security systems on Alarm Freak and check which one fits your preference and budget.

A POS software is also advisable for dispensaries to have. This is to automate the inventory process and ensure accurate reporting.

A money detector is also something that every dispensary should invest in. The dispensary business is prone to be victimized by money launderers because of its all-cash transactions. Cumulative losses due to fake money could gravely impact the business.

 

Process

As Thomas Reid stated, “The chain is only as good as its weakest link”. This should not be the case when it comes to your process. Every part of your operations should be streamlined and outlined to ensure that nothing is missed out.

There must be a standard operating procedure in place for emergencies and staff should be trained to act accordingly.

Inventory process must be followed diligently and a two-man staff should report and audit all the time. Records have to be updated and double-checked to avoid theft from within. If you religiously check the input and output of products including the cash flow, you will be able to identify and stop losses.

People Technology and Process are the main three parts of the chain. When one aspect is vulnerable, you open your business to a lot of risks. As an entrepreneur, there is so much you can do to safeguard your business. Assessing the three key parts mentioned above is a good way for you to start.

Reference:

https://mjbizdaily.com/for-marijuana-companies-biggest-security-concern-comes-from-the-inside/

https://indicaonline.com/

https://globalverificationnetwork.com/blog/why-criminal-background-checks-are-necessary

https://www.process.st/writing-standard-operating-procedures/